Public Service Enterprise Group Inc.
PEG.US | Electric power generation, transmission and distribution
Public Service Enterprise Group (PSEG) is a diversified energy holding company. Its primary subsidiaries include Public Service Electric & Gas Co. (PSE&G), a regulated utility providing electric and gas service to customers in New Jersey, and PSEG Power, which operates a diverse fleet of power gener...Show More
Better Health for All
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PSEG's core operations contribute positively to health; its nuclear plants supply 85% of New Jersey's carbon-free power, emitting no carbon or criteria pollutants, benefiting public health.
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The company fully divested its fossil generating fleet by mid-2023, eliminating revenue from activities with established negative health impacts.
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This transition to fully carbon-free generation, along with energy efficiency programs leading to cleaner air and the restoration of over 20,000 acres of marshland, results in no negative health externalities from its generation and significant positive health impacts.
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The company demonstrates a comprehensive focus on preventative health through its carbon-free power generation, energy efficiency programs, and support for reliable access to nutritious food. PSEG's initiatives target vulnerable populations, with 59% of its service communities containing Overburdened Communities.
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In 2022, PSE&G helped 220,000 customers receive over $450 million in payment assistance, and its Clean Energy Jobs program placed over 700 individuals from underrepresented communities by June 2022, supporting access to resources that impact health.
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PSE&G's gas and electric rates are below average in the northeast, and combined bills have been under 3% of median New Jersey income since 2017, reflecting efforts towards affordability for essential services.
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The company also engages in education and outreach, including a conference for over 135 community leaders to expand access to vital services.
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Fair Money & Economic Opportunity
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Public Service Enterprise Group (PSEG) is primarily an electric and gas utility company.
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The company has no direct involvement in equitable financial services, microloans, or practices that support economic opportunity for underserved communities.
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Consequently, PSEG does not offer lending or deposit services, consumer credit products, or financial products requiring disclosures.
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It is not regulated as a lender and does not operate financial service access points.
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While PSEG's energy efficiency programs are projected to save customers over $500 million annually on utility bills, this is not considered a direct impact on customer credit or savings outcomes in the context of financial services.
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The company also does not have dedicated inclusion programs or financial education initiatives related to financial services.
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Fair Pay & Worker Respect
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The provided articles do not contain specific, quantifiable data points for Public Service Enterprise Group Inc. (PEG.US) that directly map to the defined Key Performance Indicators for Fair Pay & Worker Respect. While articles mention PSEG's policies such as a Supplier Code of Conduct prohibiting child and forced labor, and Standards of Conduct addressing workplace issues, these are not quantifiable outcomes for the KPIs.
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An article notes PSEG negotiated new labor agreements with unions representing approximately 7,700 employees, but the total workforce size is not provided, preventing calculation of the percentage covered by collective bargaining.
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A past wage violation by a contractor of a PSEG subsidiary is outside the three-year reporting window. Information regarding other companies' performance or general industry trends is not applicable to PEG.US.
Fair Trade & Ethical Sourcing
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No specific articles or reports detailing Public Service Enterprise Group Inc.'s (PSEG) involvement in fair trade or ethical sourcing practices were found.
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The provided information focuses on internal diversity, equity, and inclusion, and general corporate responsibility, without offering concrete data points for supply chain certifications, audits, labour incidents, traceability, remediation, ethical clauses, high-risk materials, or supplier diversity spend.
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Honest & Fair Business
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PSEG's subsidiary, PSE&G, agreed to a $6.6 million settlement with FERC in 2023 for inaccurate reporting on a $546 million project.
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Kind to Animals
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PSEG demonstrates a commitment to wildlife protection and habitat conservation. The company has preserved over 20,000 acres of marshland
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and manages transmission rights-of-way to protect bird species
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. Initiatives include rescuing species
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, building homes for birds and turtles
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, and constructing nesting platforms to protect birds like eagles and ospreys from electrical equipment hazards
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No War, No Weapons
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Public Service Enterprise Group Inc. (PSEG) operates as an energy utility company.
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The company derives 0% of its revenue from arms contracts, as it has no defense or arms-related activities in its core business.
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It has 0% R&D investment in dual-use technology, as no dual-use products are developed or sold.
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PSEG reports 0% sales to embargoed regimes, as its exports are confined to civilian markets.
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The company has no defense business to oversee, no exports requiring certification, no defense-related lobbying, is not subject to the Arms Trade Treaty, does not use AI militarily, has no dual-use portfolio, and no surveillance or intelligence activities.
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It has no exposure to any weapons and no defense assets to divest.
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Planet-Friendly Business
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PSEG aims for net-zero Scope 1 and 2 GHG emissions from its operations by 2030
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, supported by interim milestones including a 22% reduction in methane emissions compared to 2018 levels
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and a projected 54,000 metric ton CO2e reduction by 2025 from its Gas System Modernization Program
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. The company has committed to proposing Science-Based Targets
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, which were submitted in September 2023 and are currently under review
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. In 2022, PSEG achieved a waste diversion rate of over 91% for all waste generated by PSE&G
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. PSEG published its inaugural Climate Report in April 2020
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and conducted a physical risk study following TCFD recommendations, utilizing a State Emissions Pathways tool to evaluate scenarios
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. The company is exploring strategic alternatives to divest its non-nuclear generating fleet, including 6,750 MW of fossil generation
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. PSEG's Clean Energy Jobs program has supported the hiring of over 2,400 residents from underrepresented communities
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, and it focuses on reskilling and retraining current employees for new technologies as part of a just transition
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Respect for Cultures & Communities
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A comprehensive search did not yield recent articles or explicit data on Public Service Enterprise Group Inc. (PSEG) specifically engaging with indigenous rights, cultural heritage, or local traditions.
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Consequently, no specific evidence was found to assess the company against the provided KPIs for the 'Respect for Cultures & Communities' value.
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Safe & Smart Tech
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Public Service Enterprise Group Inc. (PSEG) has no documented data breaches or unauthorized data use incidents, as no recent articles detail such violations.
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The company has established a Cybersecurity Council to oversee and manage cybersecurity risks.
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The Managing Counsel for Cybersecurity serves as an advisor.
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Senior management receives regular updates on cybersecurity risks through council meetings and notifications from the Chief Information Security Officer, following the company's Cybersecurity Event Escalation and Incident Response Practice.
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PSEG continuously evaluates and improves its security programs, procedures, and systems.
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The company acknowledges the importance of adhering to various privacy and data protection laws across its operating jurisdictions.
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PSEG is committed to complying with regulations such as the General Data Protection Regulation (GDPR).
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Zero Waste & Sustainable Products
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No specific, quantifiable evidence was provided in the articles to score any of the KPIs under the 'Zero Waste & Sustainable Products' ethical value. While the company reported recycling 595,000 tons of materials in 2023.
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this tonnage alone does not provide a waste diversion rate (percentage of total waste), nor does it directly address other KPIs such as product recyclability, packaging sustainability, or specific waste reduction initiatives with measurable effectiveness as defined by the rubric.